Morton Fraser reports 17% hike in profits

The firm, which merged with Macdonalds in 2013, said the 2015 year was one of “significant growth”, with revenues up eight per cent to £18.1 million helped by “a number of significant new client wins” and lateral hires

Mid-tier law firm Morton Fraser has reported a 17 per cent increase in net profits to £6.4 million for the 2015 year to April 30.

The firm, which merged with Macdonalds in 2013, said the 2015 year was one of “significant growth”, with revenues up eight per cent to £18.1 million helped by “a number of significant new client wins” and lateral hires.

Morton Fraser, which has offices in Glasgow and Edinburgh, said it ended the 2015 year with a £1.1 million cash balance which leaves it “well placed” to implement investment plans over the medium to long-term.

Operating profit in the 2015 financial year rose 17 per cent to £6.2 million, though staff costs rose from £6.9 million in 2014 to £7.4 million though staff numbers only rose by four in the year to 228.

Administrative expenses rose more than four per cent to £12.03 million, up from £11.52 million in 2014.

The partner with the largest entitlement in the LLP was paid £228,007 in the 2015 year, up from £199,905 in 2014.

The firm added two new LLP members in the year, taking the firm total to 44.